Best of Artemis, week ending November 5th 2023

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Here are the ten most popular news articles, week ending November 5th 2023, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

Ten most read articles on Artemis.bm, week ending November 5th 2023:

Markel recognises $25m hit on fraudulent Vesttoo letter of credit (LOC)
Markel has reported that it recognised a $25 million credit loss against a fraudulent $50 million letter of credit (LOC) for reinsurance provided by insurtech Vesttoo, and suggested a chance that more could come with a second LOC also found fraudulent.
London Innovation Underwriters seeks £300m for Lloyd’s London Bridge 2 strategy
London Innovation Underwriters, the entity established by listed special purpose acquisition company Financials Acquisition Corp, which was launched in 2022 by sector executives William Allen and Andrew Rear, has lowered its targeted equity raise to up to £300 million, to fund its strategy to access the returns of Lloyd’s underwriting via the London Bridge 2 structure.
Hurricane Otis to drive multi-billion-dollar insurance market loss: Gallagher Re
Gallagher Re has said that hurricane Otis will be one of the costliest natural catastrophe events in Mexico’s history, with a multi-billion-dollar insurance market loss anticipated because of the devastating impacts of the storm.
Aon working to help clients replace lost capital after Vesttoo fraud: Andersen
Broking giant Aon is continuing to work with clients to help the industry replace lost capital following the letter of credit (LOC) fraud at insurtech Vesttoo, Eric Andersen, President of Aon plc said last week.
RenaissanceRe completes acquisition of AIG’s Validus Re and AlphaCat
RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has now completed its acquisition of the Validus reinsurance business from AIG, including the insurance-linked securities (ILS) unit AlphaCat.
TWIA to buy more reinsurance limit in 2024, as exposure soars
The Texas Windstorm Insurance Association (TWIA) expects to buy more reinsurance and risk transfer in 2024, as the not-for-profit wind and hail insurer of last resort for the state forecasts a significant increase in exposure, alongside a continued hard reinsurance market.
Catastrophe capacity may be nearing a positive inflection point: AM Best
Rating agency AM Best has noted that there are signs of increasing appetite for property catastrophe reinsurance, saying that capacity to service that part of the market may be close to a “positive inflection point.”
Olympus updates Florida coastal underwriting rules to align with reinsurance
Olympus Insurance Company, a Florida homeowners specialist underwriter, has adopted new rules for property underwritten on the coast of the state, as it looks to align its inwards business more closely with the reinsurance models used.
Twelve Capital makes the case for re/insurance, as stock-bond correlation shifts
As inflation uncertainty persists and the negative stock-bond correlation of the past two decades continues to shift, investor focus has again turned to the fact traditional diversification between asset classes is not working as well, according to Twelve Capital.
Nephila ILS revenues rise on side pocket release, premiums expanding
In the last quarter of record, Nephila Capital unlocked some side pocketed capital and this caused an increase in insurance-linked securities (ILS) revenues reported by parent Markel, while premiums ceded to Nephila’s reinsurers are on the rise, even as assets under management declined further.

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This is not every article published on Artemis during the last week, just the most popular among our readers over the last seven days. There were 42 new articles published in the last week. To ensure you always stay up to date with Artemis and never miss a story subscribe to our weekly email newsletter which is delivered every Wednesday.

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